What a Home Inventory Can"t Do: I Know, Hard to Believe!
Ok, so I've had the idea for this article for a while now, but figuring out how to formulate it wasn't so easy.
After all, who wants to write about the limitations of a service they provide for people? Well, as difficult as it may have been, I knew it was something essential to write about.
Part of my job includes educating the consumer on the importance of a home inventory and why having one professionally conducted is as important as insurance.
However, I feel it's equally important to educate consumers on what a home inventory isn't.
There is nothing honorable in making false claims just to get a sale.
When filing a claim, having an inventory is not a guarantee that you will be reimbursed for 100% of what was lost.
Unfortunately, regardless of how detailed your home inventory is, there is no absolute way to know how much you will be reimbursed.
Every policy is different, every disaster is unique and every insurance company has their own methods when it comes to the claims process.
Extenuating circumstances love to rear their ugly heads at the least opportune moments and kick you when you're down.
Following a disaster, your insurance company will request that you provide for them, a list of what was destroyed within your home or office.
At this point, if you planned ahead, you'll retrieve your inventory from its secure, off-site location or request a printout from your Home Inventory Professional.
Some Home Inventory agents will hold your inventory on file at their office for retrieval ease.
From there, you'll likely be requested to show on the inventory, what's destroyed or missing.
The adjuster will then examine the inventory and do their best to reimburse you based on what was lost based on your policy.
The key phrase here is "do their best.
" Having a home inventory already completed allows for the adjuster to reimburse you with greater ease and speed, but he/she is at the mercy of the insurance company he/she works for as well as what's covered under your policy.
You may have $8,000 worth of jewelry listed in your inventory, but if it's not covered under your policy, the inventory is useless.
If you have proper insurance, a home inventory is a guarantee that you will be reimbursed for considerably more than you would be if you didn't have one.
There is absolutely no question about that!
After all, who wants to write about the limitations of a service they provide for people? Well, as difficult as it may have been, I knew it was something essential to write about.
Part of my job includes educating the consumer on the importance of a home inventory and why having one professionally conducted is as important as insurance.
However, I feel it's equally important to educate consumers on what a home inventory isn't.
There is nothing honorable in making false claims just to get a sale.
When filing a claim, having an inventory is not a guarantee that you will be reimbursed for 100% of what was lost.
Unfortunately, regardless of how detailed your home inventory is, there is no absolute way to know how much you will be reimbursed.
Every policy is different, every disaster is unique and every insurance company has their own methods when it comes to the claims process.
Extenuating circumstances love to rear their ugly heads at the least opportune moments and kick you when you're down.
Following a disaster, your insurance company will request that you provide for them, a list of what was destroyed within your home or office.
At this point, if you planned ahead, you'll retrieve your inventory from its secure, off-site location or request a printout from your Home Inventory Professional.
Some Home Inventory agents will hold your inventory on file at their office for retrieval ease.
From there, you'll likely be requested to show on the inventory, what's destroyed or missing.
The adjuster will then examine the inventory and do their best to reimburse you based on what was lost based on your policy.
The key phrase here is "do their best.
" Having a home inventory already completed allows for the adjuster to reimburse you with greater ease and speed, but he/she is at the mercy of the insurance company he/she works for as well as what's covered under your policy.
You may have $8,000 worth of jewelry listed in your inventory, but if it's not covered under your policy, the inventory is useless.
If you have proper insurance, a home inventory is a guarantee that you will be reimbursed for considerably more than you would be if you didn't have one.
There is absolutely no question about that!
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